NYTimes business executive retires

A senior executive of The New York Times Co. responsible for the company’s key business results is retiring, and the company is eliminating the position entirely.

Scott Heekin-Canedy, president and general manager, will retire by year’s end. Chief executive Arthur Sulzberger wrote in a note to the staff that Heekin-Canedy’s departure “means we are losing a great talent who has seen us through a very difficult economic period". Sulzberger credited Heekin-Canedy for his “creation of a strong senior team with deep expertise and for his involvement in introducing the company’s digital pay model".

According to a public filing released Tuesday morning, Heekin-Canedy, 61, will receive a severance package equivalent to his annual $US587,000 salary and a year of health insurance. He has worked for the company since 1992 and served as the companys president and general manager for eight years. His last day at The Times is Dec. 30.

Heekin-Canedy’s departure coincides with many transitions at the company. The company officially welcomes its incoming chief executive Mark Thompson, former director general of the BBC, on Monday.

Last month, the company reported in its third-quarter earnings an 85 per cent decline in net income from the year before, because in part of a troubled advertising market. The results were buoyed by strong growth in digital subscriptions.